With its equity crowdfunding campaign on Crowdcube set to close next Wednesday, Chinese food takeaway, Zing Zing, has secured nearly £850,000 thanks to over 400 investors.
As previously reported, Zing Zing, which was founded by Josh Magisdon, offers up Chinese cuisine that has a modern and healthy twist. Each meal is cooked fresh and has no monosodium glutamate (MSG) and is notably delivered fast (average time was 32 minutes in 2015). Both of the company’s North London units have generated £1.05m of net turnover last year.
The takeaway also has other heavyweight investors and board members, which includes Jamie Barber, restaurateur and founder of Brazilian barbecue chain, Cabana; Maurice Abboudi, former Domino’s Pizza executive and founder of Pizza Lupa group, which sold to Firezza in 2015; and John Harrison, formerly of Malmaison and Liberty’s. Among those who have pitched in on the funding round has reportedly been vice chairman of Goldman Sachs and the co-chief executive officer of Goldman Sachs International, Michael Sherwood.
Funds from the campaign will be used for new sites in Kilburn and Sheperd’s Bush. Magidson revealed to the media outlet that he is also looking to expand the business beyond London in the next three years.
“Chinese takeaway is loved across the UK so this could work anywhere. We may look overseas.”
Since the campaign has successfully overfunded, the Zing Zing crew shared:
“The support we have received to date has opened up a number of opportunities for Zing Zing. We now have the systems and financial backing to grow this business quickly and securely. With this in mind we are looking for great people to help us with the next stage our journey. We are interested in all areas, particularly operations and logistics with food and beverage experience. We believe that we need to build the business around great people. If you would like to join a great company with huge potential on the ground floor, there may be an opportunity for you.”
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